小微机构以互联网方式接入金融信用信息基础数据库问题探讨——以吉林省为例

为支持小微机构健康、快速发展,中国人民银行长春中心支行按照省级平台一口接入的模式,积极组织小微机构有序开展接入金融信用信息基础数据库工作,但由于小微机构认识程度不够、业务管理不规范、接入费用高等因素,严重影响了接入进度。近期中国人民银行征信中心推出了互联网接入方式,并进行试点运行。以吉林省为例,分析接入模式转换时需要解决的问题,并提出相关政策建议。     

A division of the capitalist class and the market for money capital

In a one‐commodity economy populated by capitalists equipped with equal endowment but with heterogeneous linear production technology, a division of the capitalist class emerges endogenously. The capitalists with relatively weak technology, yielding the profit rate lower than the interest rate, become a money capitalist (lender), whereas the capitalists with relatively strong technology, yielding the profit rate greater than the interest rate, become an industrial capitalist (borrower). The equilibrium interest rate is derived by the associated demand and supply relation. From this setup of the model follow two essential relationships Marx establishes between the average profit rate and the interest rate: (a) that the profit (rate) sets a maximum limit of interest (rate), and (b) that the two rates are correlated in the long‐run. Lastly, the profit rate of financial sector is less than that of industrial sector due to the basic setup of the model where the industrial sector uses leverage to amplify the underlying capital profit rate, whereas the financial sector lacks intermediation technology, which would have enabled it to borrow profitably.     

On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter?

This paper empirically investigates the impact of monetary policy on the credit supply of Islamic versus conventional banks of Malaysia using an unbalanced panel dataset over the period 2005-2016. While estimating the effects of three alternative measures of monetary policy on banks' credit supply, we include several bank-specific and macroeconomic variables in the specification as control variables. We provide strong evidence on the existence of the credit channel of monetary policy transmission mechanism in Malaysia. Yet, we show that Islamic banks respond considerably less to changes in monetary policy instruments as compared to their conventional counterparts. We also find that the monetary policy measures affect small-sized banks and less-liquid banks more as compared to large-sized and more-liquid banks. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising any monetary policy instruments to manage credit supply in the economy.     

News sentiment and sovereign credit risk

We explore the impact of media content on sovereign credit risk. Our measure of media tone is extracted from the Thomson Reuters News Analytics database. As a proxy for sovereign credit risk we consider credit default swap (CDS) spreads, which are decomposed into their risk premium and default risk components. We find that media tone explains and predicts CDS returns and is a mixture of noise and information. Its effect on risk premium induces a temporary change in investors’ appetite for credit risk exposure, whereas its impact on the default component leads to reassessments of the fundamentals of sovereign economies.     

Credit card cash‐out as informal financing: Evidence from China

Using a proprietary account‐level database from a commercial bank in China, we document that credit card holders can ease their credit constraints through the practice of cash‐out based on bogus transactions using credit cards. We find that such behaviour might be beneficial to both cardholders and banks. First, we find that a 1% increase in the cumulative number of credit card cash‐out transactions lowers the probability of default by 9.59%. Second, for private businesses, a 1% increase in the number of abnormal cash‐out transactions lowers overdue risk by 13.45%. Third, by lowering the overdue risk, the card‐issuing bank earns a larger profit. Our results are consistent with the notion that unconventional credit card cash‐out can mitigate the extent of capital misallocation in emerging markets.     

Trade credit and supplier competition

This paper examines how competition among suppliers affects their willingness to provide trade credit financing. Trade credit extended by a supplier to a cash constrained retailer allows the latter to increase cash purchases from its other suppliers, leading to a free rider problem. A supplier that represents a smaller share of the retailer’s purchases internalizes a smaller part of the benefit from increased spending by the retailer and, as a result, extends less trade credit relative to its sales. In consequence, retailers with dispersed suppliers obtain less trade credit than those whose suppliers are more concentrated. The free rider problem is especially detrimental to a trade creditor when the free-riding suppliers are its product market competitors, leading to a negative relation between product substitutability among suppliers to a given retailer and trade credit that the former provide to the latter. We test the model using both simulated and real data. The estimated relations are consistent with the model’s predictions and are statistically and economically significant.     

青海省社会信用体系建设现状与发展路径

党的十八届三中全会以来，青海省全面实施深化改革工作，地方社会信用体系建设步伐显著加快。但是，还需通过自上而下的统一部署和强有力的制度约束，来解决信用基础薄弱、共享平台缺失、建设合力不足和以点带面机制不健全等问题。提出建立“总体要求———任务分解———基础工作———专项示范———支撑体系”这样一种全面的制度安排，以此为深化青海省社会信用体系建设提供新的思路。     

不同利率对我国上市银行信用风险的影响

对我国16家上市银行进行的实证检验表明：3个月同业拆借利率与银行信用风险显著正相关，人民币5年期基准存款利率与银行信用风险的关系不确定，人民币1年期基准存款利率与银行信用风险显著正相关，贷款利息收入占贷款比例与银行信用风险显著负相关。     

以廉政勤政简政为指引全面提升政府公信水平

近年来,我国政府公信力建设取得了巨大的成就,但也存在政策之间的协调性和行政体制的结构矛盾十分突出、政府公共服务和信息公开不能满足民众要求等问题. 要全面提升政府公信水平,就要深化行政体制改革,建立政府信用水平评价体系,推进政府信息透明化,完善政府对自身债务的管理,积极引导网络舆情.     

Labor Unions and Forms of Corporate Liquidity

We examine how the presence of labor unions affects a firm's choice of corporate liquidity between bank lines of credit and corporate cash holdings. We find that firms in industries with higher unionization rates hold a higher fraction of corporate liquidity in the form of bank lines of credit. We divide the firms into sub‐groups and find that this positive relationship holds for firms that are not in a state with right‐to‐work legislation and for firms that are financially constrained. Our findings are consistent with the hypothesis that a firm chooses the forms of corporate liquidity to take advantage of the bargaining benefits associated with bank lines of credit.